CMB.TECH NV reported its non-audited financial results today for the fourth quarter ended 31 December 2024.
HIGHLIGHTS
- Profit of USD 93.1 million in Q4 2024 bringing YTD profit to USD 870.8 million
- Delivery of 7 newbuilding vessels
- Sale of 4 Suezmaxes Selena (2007, 150,205 dwt), Cap Victor (2007, 158,853 dwt), Cap Felix (2008, 158,765 dwt) & Cap Lara (2007, 158,826 dwt)
- Sale of Windcat 6
For the fourth quarter of 2024, the company realised a net gain of USD 93.1 million or USD 0.48 per share (fourth quarter 2023: a net gain of 406.6 USD million or USD 2.01 per share). EBITDA (a non-IFRS measure) for the same period was USD 180.4 million (fourth quarter 2023: USD 474.4 million).
Commenting on the Q4 results, Alexander Saverys (CEO) said:
“During the fourth quarter of 2024, CMB.TECH booked a very healthy profit amidst slow tanker and dry bulk markets. This was largely thanks to the sale of some of our older Suezmaxes. We unlocked good value as we continue our strategy of rejuvenating and optimising our fleet. Seven more newbuildings were delivered: 2 Suezmaxes, 3 Newcastlemaxes, 1 container vessel and 1 chemical tanker. This completes a year whereby 20 newbuildings were delivered to our fleet, 8 ships were sold and another 8 ships were ordered. CMB.TECH is very well positioned to generate value in 2025 with our diversified fleet of modern and low carbon ships and a good mix of spot and time charter exposure.”
Key figures
| The most important key figures (unaudited) are: | |||||||||||
| (in thousands of USD) | Fourth Quarter 2024 | Fourth Quarter 2023 | YTD 2024 | YTD 2023 | |||||||
| Revenue | 226,029 | 268,633 | 940,246 | 1,235,127 | |||||||
| Other operating income | 8,254 | 3,811 | 50,660 | 23,316 | |||||||
| Raw materials and consumables | (1,576) | — | (3,735) | — | |||||||
| Voyage expenses and commissions | (42,692) | (38,418) | (174,310) | (142,090) | |||||||
| Vessel operating expenses | (52,817) | (57,545) | (199,646) | (231,033) | |||||||
| Charter hire expenses | (3) | (2,071) | (138) | (4,500) | |||||||
| General and administrative expenses | (24,616) | (21,983) | (77,766) | (62,532) | |||||||
| Net gain (loss) on disposal of tangible assets | 71,114 | 323,327 | 635,017 | 372,444 | |||||||
| Depreciation | (43,911) | (49,417) | (166,029) | (221,040) | |||||||
| Impairment losses | (1,847) | — | (1,847) | — | |||||||
| Net finance expenses | (47,096) | (18,004) | (130,650) | (104,729) | |||||||
| Share of profit (loss) of equity accounted investees | (1,418) | (915) | 920 | (927) | |||||||
| Result before taxation | 89,421 | 407,418 | 872,722 | 864,036 | |||||||
| Tax benefit (expense) | 3,709 | (835) | (1,893) | (6,009) | |||||||
| Profit (loss) for the period | 93,130 | 406,584 | 870,829 | 858,027 | |||||||
| Attributable to: Owners of the Company | 93,130 | 406,584 | 870,829 | 858,027 | |||||||
| Information per share: | ||||||||||
| (in USD per share) | Fourth Quarter 2024 | Fourth Quarter 2023 | YTD 2024 | YTD 2023 | ||||||
| Weighted average number of shares (basic) * | 194,216,835 | 202,035,555 | 196,041,579 | 201,901,743 | ||||||
| Result after taxation | 0.48 | 2.01 | 4.44 | 4.25 | ||||||
- The number of shares issued on 31 December 2024 is 220,024,713. However, the number of shares excluding the owned shares held by CMB.TECH at 31 December 2024 is 194,216,835.
| EBITDA reconciliation (unaudited): | |||||||||||
| (in thousands of USD) | Fourth Quarter 2024 | Fourth Quarter 2023 | YTD 2024 | YTD 2023 | |||||||
| Profit (loss) for the period | 93,130 | 406,584 | 870,829 | 858,027 | |||||||
| + Net interest expenses | 47,096 | 17,592 | 130,650 | 105,110 | |||||||
| + Depreciation of tangible and intangible assets | 43,911 | 49,417 | 166,029 | 221,040 | |||||||
| + Income tax expense (benefit) | (3,709) | 835 | 1,893 | 6,009 | |||||||
| EBITDA (unaudited) | 180,428 | 474,428 | 1,169,401 | 1,190,186 | |||||||
| EBITDA per share: | |||||||||||
| (in USD per share) | Fourth Quarter 2024 | Fourth Quarter 2023 | YTD 2024 | YTD 2023 | |||||||
| Weighted average number of shares (basic) | 194,216,835 | 202,035,555 | 196,041,579 | 201,901,743 | |||||||
| EBITDA | 0.93 | 2.35 | 5,97 | 5.89 | |||||||
All figures, except for Proportionate EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:
| In USD per day | Q4 2024 | Q4 2023 | Full year 2024 | Full year 2023 |
| TANKERS | ||||
| VLCC | ||||
| Average spot rate (in TI Pool)* | 37,400 | 41,700 | 44,600 | 47,600 |
| Average time charter rate** | 46,300 | 47,500 | 46,600 | 48,500 |
| SUEZMAX | ||||
| Average spot rate*** | 38,300 | 42,800 | 45,600 | 55,700 |
| Average time charter rate | 31,800 | 30,700 | 31,000 | 30,500 |
| DRY-BULK VESSELS | ||||
| Average spot rate*** | 29,800 | |||
| CONTAINER VESSELS | ||||
| Average time charter rate | 29,400 | |||
| CHEMICAL TANKERS | ||||
| Average spot rate* | 24,500 | |||
| Average time charter rate | 19,300 | |||
| OFF-SHORE WIND (CTV) | ||||
| Average time charter rate | 2,900 | |||
*CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical offhire days)
**Including profit share where applicable
*** Reporting load-to-discharge, in line with IFRS 15